卡宾：二零二四年度业绩公告

CabbeenFashion Limited2030 Cabbeen is one of the leadingChinese designer brands. The Group designs and sells apparels for men and women. Its main brandsinclude Cabbeen and 2AM. Its retail network covers 29 provinces,autonomous regions, municipalities and special administrative regions andseveral online platforms in the People’s Republic of China. 卡賓是中國領先的設計師品牌之一。 29 CONTENTS Corporate Information2 Financial Highlights4 Chairman’s Statement6 Management Discussionand Analysis9 Corporate Governance Report31 Biographical Details of Directors andSenior Management63 Report of the Directors70 Independent Auditor’s Report87 Consolidated Statement of Profit or Loss andOther Comprehensive Income101 Consolidated Statement of Financial Position103 Consolidated Statement of Changes in Equity105 Consolidated Cash Flow Statement106 Notes to the Financial Statements108 Five Years Summary220 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Dr. Ziming Yang(Chairman and Chief Executive Officer)Mr. Rongqin Ke Independent Non-Executive Directors Mr. Yung Kwok TsuiMr. Ming Shu LeungMs. Jing Gu AUDIT COMMITTEE Mr. Yung Kwok Tsui(Chairman)Mr. Ming Shu LeungMs. Jing Gu REMUNERATION COMMITTEE Mr. Yung Kwok Tsui(Chairman)Mr. Ming Shu LeungDr. Ziming Yang NOMINATION COMMITTEE Dr. Ziming Yang(Chairman)Mr. Ming Shu LeungMs. Jing Gu CORPORATE GOVERNANCE COMMITTEE Dr. Ziming Yang(Chairman)Mr. Yung Kwok TsuiMr. Ming Shu Leung AUTHORIZED REPRESENTATIVES FCPA Mr. Rongqin KeMr. Wai Fung Lui(appointed on 16 April 2024)Ms. Lai Wah Wong,FCPA(resigned on 16 April 2024) COMPANY SECRETARY FCPA Mr. Wai Fung Lui(appointed on 16 April 2024)Ms. Lai Wah Wong,FCPA(resigned on 16 April 2024) REGISTERED OFFICE Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 2030 STOCK CODE 2030 CORPORATE INFORMATION (CONTINUED) www.ir.cabbeen.com WEBSITE www.ir.cabbeen.com HEADQUARTERS IN CHINA 8C9510700 9th Floor, Block CNo. 8 Kai Tai Da RoadHuang Pu District, Guangzhou CityGuangzhou 510700PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 1026AB Unit A&B, 26/F, Billion Plaza II10 Cheung Yue StreetCheung Sha WanKowloonHong Kong CAYMAN ISLANDS SHARE REGISTRAR ANDTRANSFER OFFICE Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586, Gardenia CourtCamana Bay, Grand CaymanKY1-1110Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586, Gardenia CourtCamana Bay, Grand CaymanKY1-1110Cayman Islands HONG KONG BRANCH SHARE REGISTRAR 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-171617/F, Hopewell Centre183 Queen’s Road EastWanchaiHong Kong AUDITOR KPMG,Certified Public AccountantsPublic Interest Entity Auditor registered in accordance withthe Accounting and Financial Reporting CouncilOrdinance LEGAL ADVISOR AS TO HONG KONG LAW Morgan, Lewis & Bockius PRINCIPAL BANKERS China Construction Bank CorporationChina Minsheng Banking Corp., Ltd.Industrial Bank Co., Ltd.Shanghai Pudong Development Bank FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS (CONTINUED) Notes:(1)EBITDA is earnings before interest, taxes, depreciation andamortization.(2)Return on total assets equals net profit for the year divided by theclosing balance of total assets.(3)Return on equity equals net profit for the year divided by theclosing balance of total shareholders’ equity.(4)Average inventory turnover days is equal to the average of thebeginning and closing inventory balance divided by cost of salesand multiplied by the number of days in the year.(5)Average trade and bills receivables turnover days is equal to theaverage of the beginning and closing trade and bills receivablesbalance divided by revenue (including value-added tax) andmultiplied by the number of days in the year.(6)Average trade and bills payables turnover days is equal to theaverage of the beginning and closing trade and bills payablesbalance divided by costs of sales and multiplied by the numberof days in the year.(7)Interest coverage ratio equals profit before interest and tax for theyear divided by interest expenses of the same year.(8)Net debt to equity ratio equals net debt divided by total equityas of the end of the year. Net debt includes all borrowings net ofcash and cash equivalents.(9)Gearing ratio equals total debts divided by total equity.(1)EBITDA(2)(3)(4)(5)(6)(7)(8)(9) Chairman’sStatement CHAIRMAN’S STATEMENT (CONTINUED) DEAR SHAREHOLDERS, 本公司董事董事會本集團卡賓 On behalf of the board (the “Board”) of directors(the “Director(s)”) of Cabbeen Fashion Limited (the“Company”), I am pleased to present the annual resultsof the Company and its subsidiaries (collectively referredto as the “Group” or “Cabbeen”) for the year ended 31December 2024. Due to factors such as weak market expectations,insufficient endogenous consumer demand, fiercecompetition among apparel brands and rising